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WiseOwl58
WiseOwl58, Lawyer
Category: Real Estate Law
Satisfied Customers: 3618
Experience:  Experienced real estate lawyer and real estate broker.
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I need a commercial real estate lender knowledgeable atty in

Customer Question

I need a commercial real estate lender knowledgeable atty in Texas with regards ***** ***** 1st lien local bank lender and sba 2nd lean with general partnership structure for a real estate limited partnership.I am the general partner and have personal guaranteed the 1st lein local bank $525,000 and sba 2nd lien ( balance $85,000)We have been unable to sell the property with three years on the market. Its a 15 unit complex with about $9,000 a month income and 2 years of delinquent ad valorem taxes ( our bank is willing to add the 25k to our note taking it to $550,000 but we also have deferred necessary maintenance of $6,000 and property insurance of $10,000. Noe of the LP's want to add any more funds.
Submitted: 4 months ago.
Category: Real Estate Law
Expert:  WiseOwl58 replied 4 months ago.

I suggest that you request the first bank to increase the size of the loan to the partnership, and take a cash portion of the rent roll each month as repayment. If that doesn't work, I suggest that you take on some additional investors who could fund the deferred maintenance and perhaps provide some additional funding that could be used to update the property and make it more saleabel.

Please rate 4 or 5 and close out the question. Good luck to you. I wish you all the best.

Expert:  WiseOwl58 replied 4 months ago.

Please rate 4 or 5 and close out the question Good luck to you. I wish you all the best.

Expert:  WiseOwl58 replied 4 months ago.

Please rate 4 or 5 and close out the question Good luck to you. I wish you all the best.

Expert:  WiseOwl58 replied 4 months ago.

Please rate 4 or 5 and close out the question Good luck to you. I wish you all the best.

Expert:  WiseOwl58 replied 4 months ago.

Please rate 4 or 5 and close out the question Good luck to you. I wish you all the best.

Expert:  WiseOwl58 replied 4 months ago.

Please rate 4 or 5 and close out the question. Good luck to you. I wish you all the best.

Expert:  WiseOwl58 replied 4 months ago.

Please rate 4 or 5 and close out the question. Good luck to you. I wish you all the best.

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